A mystery buyer snapped up The Park at Cross Creek in Malibu, taking control of a fully leased retail center anchored by Whole Foods Market.
The purchase price of the 39,350-square-foot property at 23401 Civic Center Way
was not disclosed. Newmark’s Bill Bauman and Kyle Miller represented the buyer, in addition to sellers the Gerschel family and development firm Soboroff Partners.
Soboroff’s Steve Soboroff, reached by phone Monday, declined to offer details on the buyer or the price. The developer said he had about a 20 percent stake in the property, with partners Cindy McAfee and Michael Heslov owning a piece roughly comparable to his. The Gerschels owned the majority and made the decision to sell.
Under the new owners, Costa Mesa-based PacificWest Asset Management will manage The Park at Cross Creek.
“This property was a wonderful property to own, a prestigious property for the investors and a profitable one,” Soboroff said.
The five-building center has a cap rate of 4.5 percent, according to an announcement on the sale.
The Park at Cross Creek officially opened in 2019 and currently counts tenants such as Tesla, Blue Bottle Coffee, Howdy’s Sonrisa Café and Irv’s Burgers. It was also developed with the aim of serving the neighborhood with an event space, playground for special needs children and a community garden aimed at teaching visitors about the plants and herbs in the area.
Soboroff called the sale of the center “bittersweet,” a sentiment also shared by Edouard Gerschel in the deal’s announcement.
“This was, I feel, my best work and I think that some of my partners feel it was their best work,” Soboroff said.
The former Playa Vista CEO and Los Angeles police commissioner referenced the project’s lengthy and challenging entitlement process in reflecting on the development process. The biggest hurdle were proponents of a city ordinance requiring voter approval for developments over 20,000 square feet and also limiting chains. The dispute was ultimately settled in court with a judge finding the ordinance unlawful.
“The proof in the pudding,” Soboroff said, “is the number of letters I got from people who were opposed to the project that later apologized and said, ‘This is really cool.’”
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